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News and Announcements

  • Submitted on 01 June 2011

    Anna GomezAnna Gomez, Deputy Assistant Secretary for Communications and Information for the National Telecommunications and Information Administration, joined a group of Hispanic community development leaders in San Francisco to launch the Latino Tech-Net Initiative, a Recovery Act project spearheaded by the Mission Economic Development Agency, or MEDA, which is equipping 17 computer centers in 11 cities across the country with equipment, software, and training to help Latino entrepreneurs and small businesses build online skills, spur local economic development, and support job creation in their communities.

    The “digital divide” remains a serious issue for the Latino community, and MEDA is on the front lines of addressing this problem. Data from NTIA’s Digital Nation report show that the broadband adoption rate among Hispanic households is only 56.9 percent - more than ten percent lower than the overall national rate. In fact, even after adjusting for socioeconomic characteristics like income and education, Latino households significantly lag White households in broadband adoption.

  • Submitted on 25 May 2011

    Secretary Gary LockeEarlier today, I had the privilege of traveling with members of the President’s Council on Jobs and Competitiveness to visit Permac Industries, a small manufacturer just outside Minneapolis, Minn. Why Permac? Because the firm represents the best America has to offer – a company that has grown from a simple machine shop into a state-of-the-art facility that manufactures precision parts for customers worldwide in virtually all industries.

    I was glad to have a chance to talk about the Obama administration’s commitment to giving businesses like Permac the tools they need to win in the global economy. That effort is a two-pronged approach. On the one hand, we’re aggressively incentivizing investment here in America, as highlighted by key provisions that President Obama insisted be included in the December tax package, such as a new expensing benefit that will let companies write off 100 percent of their machinery and equipment purchases made in 2011.

  • Submitted on 24 May 2011

    Unprecedented initiative to bolster economic growth leverages resources of 16 federal agencies to create jobs and foster economic prosperity

    To accelerate innovation-fueled job creation and global competitiveness, today the Obama Administration announced a $33 million Jobs and Innovation Accelerator Challenge, an unprecedented initiative to spur economic growth through public-private partnerships in at least 20 regions around the country.

    The Challenge leverages existing resources from 16 federal agencies and will award funds to regions that demonstrate the existence of high-growth industries that support a wide range of economic and workforce development activities.

  • Submitted on 13 May 2011

    Nominations are now being accepted for the Minority Business Development Agency's 2011 Excellence in Minority Business Awards. The awards are designed to recognize exemplary minority businesses and their accomplishments and best practices.

    The MED Week Awards Program is designed to celebrate and recognize the outstanding achievements of minority entrepreneurs, as well as individuals and organizations that have demonstrated leadership and commitment in advancing minority business enterprise.  The diversity of the awardees, as it pertains to the constituency served by MBDA, is a key objective of the MED Week Awards Program.

  • Submitted on 11 May 2011

    MBDA National Director David HinsonThe Commerce Department’s Minority Business Development Agency (MBDA) National Director David A. Hinson traveled to London this week to discuss mergers and acquisitions as a global growth strategy for middle-market minority businesses. At the Third Global Merger & Acquisition Symposium: The New Economics for the Private Middle Market, Hinson explained that minority-owned businesses offer international investors above average return prospects and a powerful market entry vehicle into the United States and other countries.

  • Submitted on 04 May 2011

    Native Hawaiian and Other Pacific Islander Owned FirmsThe number of Native Hawaiian- and Other Pacific Islander-owned businesses increased 31% between 2002 and 2007, to 37,957 businesses. These businesses generated $6.5 billion in receipts in 2007, a 52% increase from 2002. In contrast, the total number of non-minority firms increased by 9% between 2002 and 2007and their receipts rose 21%. Average employment per firm with employees also increased from 8 employees per Native Hawaiian & Other Pacific Islander firm with employees in 2002 to 9 employees per firm with employees in 2007.

    Native Hawaiian & Other Pacific Islander firms are also an engine of job creation, with paid employment growing by 32% from 29,319 workers to 38,750 workers, compared to less than 1% growth for non-minority-owned firms. These firms paid competitive wages to their employees. The average payroll at Native Hawaiian & Other Pacific Islander-owed firms per employee increased by 17 percent from about $28,000 in payroll per employee in 2002 to $33,000 in payroll per employee in 2007. The average payroll per employee for non-minority firms was $35,000 in 2007.

  • Submitted on 04 May 2011

    Growth in Asian-owed firmsThe number of U.S. Asian-owed firms increased 40% to 1.5 million between 2002 and 2007, increasing at more than twice the national rate. These businesses also generated $508 billion in receipts, a 55% increase from 2002. Asian-owned businesses are also an engine of job creation, of the 1.5 million Asian-owned businesses in 2007, 397,484 had paid employees.

    Paid employment grew by 28 percent from over 2.2 million workers to more than 2.8 million workers, compared to less than a 1% growth for non-minority-owned firms. In 2007 Asian-owned business with employees averaged 7 employees and payroll per employee increased 12% from 2002 to 2007.  The payroll per employee increased from $25,000 in 2002 to $28,000 in 2007.  The average payroll per employee for all minority-owned firms was about $28,000 in 2007 and $35,000 for non-minority firms.

  • Submitted on 27 April 2011

    The number of Hispanic-owned businesses grew far faster than overall U.S. businesses, according to the most recent data, but they remain on average a third of the size of privately owned nonminority firms.

    To boost Hispanic and other minority-owned business, the U.S. government is pushing for them to learn to export more and to seek more government contracts.

  • Submitted on 13 April 2011

    Helping U.S. companies grow and create new American jobs is a singular priority for all of us in the Commerce Department and the Obama Administration. 

    Secretary LockeBut you can’t do it all from Washington, DC. You’ve got to get out and hear from the entrepreneurs and business owners doing the producing, innovating and hiring in our economy. That’s a lot what I've been doing as Commerce Secretary. In the last few weeks alone, I’ve met with business leaders in Minneapolis, Columbus, Dallas and Los Angeles.

    These business leaders understand the challenges and opportunities in today's global economy. And trust me, they aren't shy about suggesting what they want to see more of -- or less of -- from Washington.

    This type of business outreach has been occurring throughout the administration, but now, it’s being taken to the next level.  Yesterday, 130 senior officials from dozens of agencies throughout the Obama administration met to kick off a series of “Winning the Future Roundtables with American Businesses.”

    Starting today, with events in Ann Arbor, Michigan and Tucson, Arizona, Obama administration officials will be visiting at least 100 communities in all 50 states to hear from businesses across America, and they’ll bring what they hear back to Washington.

    The two main goals of these roundtables are to:

    • Obtain feedback from American businesses on the effectiveness of federal resources and programs and how they can be further improved; and

    • Provide information to American businesses about Administration policy and the resources and programs available to support their growth and success.

    In short, we'll be hearing from business owners about what's working, what isn’t and where we need to focus our economic policymaking in 2011 and beyond. We’ll be making sure that we aren’t leaving jobs on the table because businesses don’t know about programs and resources that can support their growth and success.

  • Submitted on 29 March 2011

    American Indian and Alaska Native Business Growth and Global ReachThe number of American Indian and Alaska Native owned businesses increased by 18 percent between 2002 and 2007 to 236,967 firms, according to data from the U.S. Census Bureau’s 2007 Survey of Business Owners. American Indian and Alaska Native owned businesses generated $34.4 billion in receipts in 2007, a 28 percent increase from 2002.

    American Indian and Alaskan Native-owned firms grew in gross receipts, yet their paid employment decreased or remained stagnant at best.  Only 10% of all American Indian and Alaskan Native-owned firms have employees.  MBDA’s goal is to help firms in emerging industries and with the potential for size and scale grow as well as encourage job creation among these firms.

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